retired being tax out homes (Galena: low income, car insurance, house)

[debbie at bouontiful]

Originally Posted by prideful1

In Kankakee county, our house is worth around $150K and we pay $3200 in property taxes.

Now that I think about it, when we sold the house it was $250,000.00 but when I bought that house it was 170,000.00 and we paid 2500 a year property taxes. So what is the rate? I was figuring on 1000 per 100,000 dollar house. Is that about right? I haven't given up the idea entirely of moving back but those property taxes do seem a bit much on a retiree. Yes, you can get taxes freezed but when buying a home you'll probably be stuck with the big taxes.

[middle-aged mom]

Originally Posted by snapper54

You are correct. When they hold these meeting to set the rate each year every tax payer should attend and things would turn out different. there would be more accountabity.

Underfunded pension plans are challenging most municipalities, not too different than the private sector.

Funding public sector pension plans is on the backs of taxpayers.

[debbie at bouontiful]

Originally Posted by prideful1

Our tax rate is somewhere around 7.0 all together, schools are 4.4 and the county, village, fire, community college etc make up the rest..

I do not understand that. So am I right in saying 1000 per 100,000 house in most areas. Like Northwestern portion of Ill.?

[snapper54]

I pay about 2.3% of fair market value. The assessed value is 1/3 the value of fair market value. Assessed value is the 7% she is talking about. 1/3 of that would be 2.33%. They are the same .

[snapper54]

Here's a new point of contention! Why with the market dropping for the last 3 yrs., would the county keeps raising the assessed value of my home.

[jlawrence01]

Originally Posted by debbie at bouontiful

I do not understand that. So am I right in saying 1000 per 100,000 house in most areas. Like Northwestern portion of Ill.?

Most of the places that I see n McHenry Co. are more like $4000 on a $150k home.

[debbie at bouontiful]

Originally Posted by jlawrence01

Most of the places that I see n McHenry Co. are more like $4000 on a $150k home.

Well my husband wouldn't do that for sure. too back because they are giving up people that can pay cash for homes and just add to the plus side of ILL. with their retirement income and not asking for jobs or help of any kind. Purely taxes is our problem. At that rate, I would be paying almost a 1000 a month for taxes. That is a mortage payment!!!!!!!!!!

[snapper54]

Originally Posted by jlawrence01

Most of the places that I see n McHenry Co. are more like $4000 on a $150k home.

This comes out to way over 2000 per 100,000. It comes out to 2000 per 75000.

[MsElfcs]

Seniors only get a freeze or reduction if their income is very low. That means if you save money in your 401K and then pull some of it out it can keep you from getting any relief. Ill only gives a $2000 reduction off the taxed amount of the house. Not the whole tax bill. We are one of those boomers that saved, payed our house off and now are being taxed right out of our house.

[debbie at bouontiful]

Originally Posted by snapper54

The way the tax system is set up in IL is forcing the elderly to sell the home they worked an entire life time for, when they retire. Most state are set up to pay for their school by getting taxes from Income tax, then sales taxes, and then the balance from relastate taxes. In IL the majority comes from relastate taxes (more than 90%). So, when you retire living in the house you sent your life working for, and it is payed off, you end up struggling to pay the outragious relastate taxes of IL. If it was structure like most states you would pay a little more income tax and sales tax while you were working. This would enable you to afford to keep your home when you retire. I lived in another state and owned a home there. A home of equal value had taxes 1/5 of IL. Maybe there's a better idea out there, but I still think something has to be done.

I agree with you about Ill and all the uper Mid West. I lived in the Northwest corner of Ill for years and we were transferred down here in Oklahoma. We always said we were going back. And how I love Ill. but when I look at the real estate taxes I freak. We have gotten so use to this lower property taxes. My ranch is paid for and if I moved back I would pay cash for my property in Galena. It is your real estate taxes. For instance when I lived in Ill last time which was 12 years ago, we sold moved to OK and bought a place bigger and nicer for the same price then when the tax bill came I was shocked. I thought they priced out my barn and forgot the house until I found out how much cheaper it is here. That is our problem now. Do I go back and pay those outragious taxes or stay here where I have more spendable money. It is a very hard choice for us.